REGISTERED NUMBER: 11104088 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

PLANT MEAT LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

15

DIRECTORS:

A D Haes

P E H Sharman

A J Shovel

C D Bull

M N J Cuddigan

J Danicourt

F De Mevius

REGISTERED OFFICE:

Seven Stars House

1 Wheler Road

Coventry

CV3 4LB

REGISTERED NUMBER:

11104088 (England and Wales)

AUDITORS:

HB&O Ltd

Chartered Accountants and Statutory Auditors

Seven Stars House

1 Wheler Road

Coventry

CV3 4LB

BANKERS:

HSBC Innovation Banking

14-18 Finsbury Square

London

EC2A 1BR

The directors present their strategic report for the year ended 31 December 2025.

REVIEW OF BUSINESS

The directors present the results for the year, which are set out in the annexed financial statements.

Gross profit increased during the year, supported by continued improvement in product economics. Turnover was marginally lower than the prior year, reflecting a focus on margin improvement.

The company reported an operating loss for the year; however, this reduced compared with the previous year. Performance for the year was in line with management expectations.

Directors and management remain satisfied with the underlying trading performance of the business.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors do not consider the company to be exposed to any material adverse risks that are specific to the nature of the company's principal activity in the ordinary course of trading. However, measures are in place to mitigate the impact of any risks that do arise in the ordinary course of the company's business such as the risk of fluctuations in foreign exchange rates and risks associated with control over the supply chain.

FUTURE DEVELOPMENTS

Directors and management are continuing to seek ways to widen the product offering, to meet a greater number of consumer need-states, as a means to achieving greater market penetration and to grow the business.

GOING CONCERN

During the year, the Company successfully secured additional finance, strengthening its cash position, providing the liquidity needed to meet its obligations as they fall due and investment for future growth. This increased financial headroom, together with projected growth in the Company's operations and the anticipated benefits of economies of scale, supports the directors' and management's confidence that the Company will continue to trade at a sustainable level for the foreseeable future.

Accordingly, the directors consider it appropriate to prepare the financial statements on a going concern basis. In forming this view, the directors have evaluated all relevant factors, including any material uncertainties, for a period of at least twelve months from the date of approval of these financial statements.

ON BEHALF OF THE BOARD:

M N J Cuddigan - Director

22 May 2026

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the manufacture and sale of plant-based protein products.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

A D Haes

P E H Sharman

A J Shovel

C D Bull

M N J Cuddigan

J Danicourt

Other changes in directors holding office are as follows:

F De Mevius - appointed 13 January 2025

DISCLOSURE IN THE STRATEGIC REPORT

The company's review of business, principal risks and uncertainties and future developments are disclosed within the strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each directors has taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

M N J Cuddigan - Director

22 May 2026

Opinion

We have audited the financial statements of Plant Meat Limited (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its loss for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The audit process includes an assessment of the entity's risk environment, through enquiry of and discussion with management, including an assessment of any key laws and regulations with which the company must comply in the ordinary course of its business.

Additionally, the overall risks of irregular transactions occurring are assessed following our observations and confirmation of the design and implementation of management's controls. Whilst we are mindful of these risks, our audit focus is geared towards the risk of material misstatement in the financial statements as a whole.

As such, our procedures cannot guarantee that all transactions have been fully compliant with all relevant laws and regulations, including those regulations relating to fraud, as our procedures are not designed to detect all instances of non-compliance. By definition, the risk of our detection of non-compliance is greater where compliance with a law or regulation is removed from the events and transactions reflected in the financial statements. The risk is also greater regarding irregularities due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Wayne Gutteridge FCA (Senior Statutory Auditor)

for and on behalf of HB&O Ltd

Chartered Accountants and Statutory Auditors

Seven Stars House

1 Wheler Road

Coventry

CV3 4LB

22 May 2026

TURNOVER

3

17,596,290

18,282,870

Cost of sales

14,270,173

16,037,913

GROSS PROFIT

3,326,117

2,244,957

Administrative expenses

7,987,366

8,506,763

(4,661,249

)

(6,261,806

)

Other operating income

66,947

57,078

OPERATING LOSS

5

(4,594,302

)

(6,204,728

)

Interest receivable and similar income

83,291

95,160

(4,511,011

)

(6,109,568

)

Interest payable and similar expenses

6

212,458

332,393

LOSS BEFORE TAXATION

(4,723,469

)

(6,441,961

)

Tax on loss

7

(260,549

)

(309,020

)

LOSS FOR THE FINANCIAL YEAR

(4,462,920

)

(6,132,941

)

LOSS FOR THE YEAR

(4,462,920

)

(6,132,941

)

OTHER COMPREHENSIVE INCOME

Share based payments

44,273

6,459

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

44,273

6,459

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(4,418,647

)

(6,126,482

)

FIXED ASSETS

Intangible assets

8

91,067

132,554

Tangible assets

9

1,923,777

2,027,377

2,014,844

2,159,931

CURRENT ASSETS

Stocks

10

441,050

1,606,234

Debtors

11

3,612,122

4,357,822

Cash at bank

5,164,674

5,327,070

9,217,846

11,291,126

CREDITORS

Amounts falling due within one year

12

3,029,046

4,567,663

NET CURRENT ASSETS

6,188,800

6,723,463

TOTAL ASSETS LESS CURRENT LIABILITIES

8,203,644

8,883,394

CREDITORS

Amounts falling due after more than one year

13

3,814,180

75,283

NET ASSETS

4,389,464

8,808,111

CAPITAL AND RESERVES

Called up share capital

18

7

7

Share premium

19

43,503,340

43,503,340

Other reserves

19

134,706

90,433

Retained earnings

19

(39,248,589

)

(34,785,669

)

4,389,464

8,808,111

The financial statements were approved by the Board of Directors and authorised for issue on 22 May 2026 and were signed on its behalf by:

M N J Cuddigan - Director

Called up

share

Retained

Share

Other

Total

capital

earnings

premium

reserves

equity

£

£

£

£

£

Balance at 1 January 2024

5

(28,652,728

)

31,101,490

83,974

2,532,741

Changes in equity

Total comprehensive income

-

(6,132,941

)

-

6,459

(6,126,482

)

Issue of share capital

2

-

12,401,850

-

12,401,852

Balance at 31 December 2024

7

(34,785,669

)

43,503,340

90,433

8,808,111

Changes in equity

Total comprehensive income

-

(4,462,920

)

-

44,273

(4,418,647

)

Balance at 31 December 2025

7

(39,248,589

)

43,503,340

134,706

4,389,464

Cash flows from operating activities

Cash generated from operations

1

(1,944,243

)

(6,615,279

)

Interest paid

(212,458

)

(332,393

)

Taxation refund

309,020

-

Net cash from operating activities

(1,847,681

)

(6,947,672

)

Cash flows from investing activities

Purchase of intangible fixed assets

(25,162

)

(94,193

)

Purchase of tangible fixed assets

(168,661

)

(357,789

)

Sale of tangible fixed assets

-

18,577

Interest received

83,291

95,160

Net cash from investing activities

(110,532

)

(338,245

)

Cash flows from financing activities

New loans in year

3,763,313

-

Loan repayments in year

(1,943,080

)

(1,934,110

)

Capital repayments in year

(24,416

)

(22,381

)

Share issue

-

12,401,852

Net cash from financing activities

1,795,817

10,445,361

(Decrease)/increase in cash and cash equivalents

(162,396

)

3,159,444

Cash and cash equivalents at beginning of year

2

5,327,070

2,167,626

Cash and cash equivalents at end of year

2

5,164,674

5,327,070

1.	RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Loss before taxation

(4,723,469

)

(6,441,961

)

Depreciation charges

264,245

275,905

Loss on disposal of fixed assets

74,665

289,044

Share based payments

44,273

6,459

Finance costs

212,458

332,393

Finance income

(83,291

)

(95,160

)

(4,211,119

)

(5,633,320

)

Decrease in stocks

1,165,184

93,114

Decrease in trade and other debtors

697,229

1,141,304

Increase/(decrease) in trade and other creditors

404,463

(2,216,377

)

Cash generated from operations

(1,944,243

)

(6,615,279

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

5,164,674

5,327,070

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

5,327,070

2,167,626

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank

5,327,070

(162,396

)

5,164,674

5,327,070

(162,396

)

5,164,674

Debt

Finance leases

(99,699

)

24,416

(75,283

)

Debts falling due within 1 year

(1,943,080

)

1,943,080

-

Debts falling due after 1 year

-

(3,763,313

)

(3,763,313

)

(2,042,779

)

(1,795,817

)

(3,838,596

)

Total

3,284,291

(1,958,213

)

1,326,078

1.	STATUTORY INFORMATION

Plant Meat Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The company's principal place of business is:

2nd Floor

The Clockwork Building

45 Beavor Lane

London

W6 9AR

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year.

Critical estimates and judgements

i) Share based payments

Share based payments have been made to the employees of the company. As disclosed in the Share Based Payments accounting policy note below, the fair value of any vested share options is recognised in the income statement and for the accounting year ended 31 December 2025.

ii) Inventory provisioning

The company purchases, manufactures and sells plant-based protein products, of which raw material costs are a significant part. When calculating the inventory provision, management consider various factors including but not limited to: Quality control checks; ageing and saleability of items; and obsolescence of ingredients in current offerings These criteria assist management in determining the appropriate provisioning required. See note 10 for the net carrying amount of the stock and associated impairment provision.

iii) Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 11 for the net carrying amount of the debtors and associated impairment provision.

No other significant estimates or judgements were made in the preparation of the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT, discounts and rebates. Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on despatch of the goods.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Intellectual Property are being amortised evenly over their estimated useful life of ten years.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to properties

-

5 years straight line and Straight line over 20 years

Plant & machinery

-

5 years straight line and Straight line over 20 years

Fixtures & fittings

-

Over 3 years

Computer equipment

-

Straight line over 3 years

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase and other costs incurred in bringing stock to its present location and condition, including import costs, duties and carriage.

Financial instruments

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk to changes in value.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currency translation and operations

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Employee benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Share based payments

The company operates an equity-settled compensation plan for its employees. The fair value of the employee services received in exchange for the grant of the options is recognised as an expense in the company. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted at the date of grant, excluding the impact of any non-market vesting conditions (for example, profitability and sales growth targets). Non-market vesting conditions are included in assumptions about the number of options that are expected to vest. At each statement of financial position date the company revises its estimates of the number of options that are expected to vest. It recognises the impact of the revision to the original estimates, if any, in the income statement. The credit entry is taken to reserves because the share options are equity-settled.

The share options are exercisable on the share capital of the company.

Going concern

The financial statements have been prepared on a going concern basis. The company incurred losses during the year. However, the directors believe that there are sufficient future cashflows which will enable the company to continue to pay its debts as they fall due.

Furthermore, the directors are confident that as the company scales up, it will be able to begin trading profitably in the short to medium term, in line with the overall strategy and detailed projections in place.

As such, the directors do not believe there are any material uncertainties surrounding the company's continued ability to trade and therefore continue to adopt the going concern basis of accounting in preparing the financial statements.

3.

TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2025

2024

£

£

United Kingdom

17,596,290

18,043,676

Europe

-

239,194

17,596,290

18,282,870

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

3,706,570

3,837,382

Social security costs

460,486

453,021

Other pension costs

120,077

62,297

4,287,133

4,352,700

The average number of employees during the year was as follows:

2025

2024

Directors

4

4

Operations

47

52

51

56

2025

2024

£

£

Directors' remuneration

428,726

411,320

Directors' pension contributions to money purchase schemes

10,645

3,408

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

3

3

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

276,726

144,549

Pension contributions to money purchase schemes

7,585

771